The industry will form awareness among people of personal risk and security. As countries come out of the pandemic, there is a growing awareness of products of LICs among people and concerns about personal health, as well as personal savings and financial security.
The number of people over 65 is expected to double over the next 30 years, rising from about 0.8 billion to 1.7 billion. Much of this growth will come from emerging economies such as India and China.
“Many people are aware that they will be personally responsible for their health. Another force that will shape the industry over the next few years is the macroeconomic environment, interest rates in particular. The industry has gone through a ten-year era of ultra-low interest rates, and this has put a lot of pressure on life insurance companies' balance sheets. Over the past six months, we have seen the opposite: interest rates have risen by more than 300 basis points,” explains Henri de Combles de Nayves, senior partner at McKinsey.
Photos are from open sources.